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Pardus to push for Valeo restructuring

Pardus, the US investment fund, will on Monday launch a fresh drive to try to force French automotive equipment maker Valeo to change its strategy and give it a seat on the board, the Financial Timesâ€™ sister paper, Les Echos, has learned.

In a new letter to the board of Valeo, Karim Samii, Pardus chief executive, will demand board representation at Valeo and a meeting to study strategic proposals designed to enhance the companyâ€™s profitability. Pardus believes that Valeo should pursue a dual strategy, Samii said. It should sell businesses in which it is not a leader, and focus on markets where it can become a global champion.

The approach is part of an effort by Pardus, which owns 20% of Valeo and 17% of US car parts maker Visteon, to push Valeo into participating in global consolidation of the automotive parts industry.

Embattled small cap investor Peter Webb has slammed rebel shareholders - led by Knox D'Arcy Investments and backed by QVT and Quintessence Funds - ahead of a crucial meeting that will almost certainly spell the end of Eaglet Investment Trust, the company he established nearly 15 years ago.

Webb accused hedge funds and arbitrageurs who have built up a 38% stake in the Â£100m (â‚¬140.2m) investment trust of seeking to destroy value for shareholders with its plans to force the trust into immediate liquidation.

The rebels claim Eaglet, which specialises in investments in micro-cap companies, has been poorly run and underperformed its benchmarks for the past few years, leading the shares to trade at a significant discount to NAV. But Webb said plans to liquidate the trust will destroy value, rather than create it. The annual meeting will be held on December 11.